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Keller Rohrback's investigation focuses on allegations made in a Complaint by California Attorney General Edmund G. Brown Jr., on behalf of the CalPERS, and CalSTRS Pension Funds, that over the course of a number of years, State Street created fictitious, inflated exchange rates by marking up or down the prices it used internally to execute foreign currency trades by up to 144 basis points over then current Interbank exchange rates. These overcharges and underpayments were then passed through to Pension Fund participants through automatic debit of these clients' accounts. State Street purportedly concealed these potentially fraudulent pricing practices from the Pension Funds by setting up a group of internal "risk traders" who entered false exchange rates into its electronic trading databases, which automatically entered the debits or credits, and by reporting the false exchange rates in numerous documents, account statements, and online reporting databases accessed by clients. Keller Rohrback is investigating whether State Street engaged in this same scheme with other custodial clients such as pension funds, or mutual funds.
If you are a pension fund fiduciary, a custodial client of State Street, or an investor in one SSEMX or SSAIX, and you believe your account may have suffered losses as a result of the State Street's foreign currency exchange practices, you may contact paralegal Jennifer Tuato'o or attorneys Laura Gerber, Derek Loeser or Lynn Sarko toll free at (800) 776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling retirement plan litigation, including ERISA litigation and Section 36(b) mutual fund excessive fee litigation. We are committed to helping investors, employees, and retirees protect their savings. Keller Rohrback serves as lead and co-lead counsel in numerous retirement plan class action cases, including cases against State Street, Enron, WorldCom, Merrill Lynch, Bear Stearns, and Wachovia, and also Section 36(b) mutual fund excessive fee cases, including cases against Ameriprise Financial Inc., and Fidelity Investments. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Keller Rohrback L.L.P.
CONTACT: Keller Rohrback L.L.P. Jennifer Tuato'o, Paralegal (800) 776-6044 investor@kellerrohrback.com www.krclassaction.com
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